Sydney, Oct 31, 2008 AEST (ABN Newswire) - Mosaic Oil NL (ASX:MOS)(PINK:MSAOF) has released today its Quarterly Activities Report for September 2008.
Mosaic Oil remains focused on implementing an accelerated drilling campaign for the 2008-2010 period at the Surat-Bowen Basin, Queensland, Australia.
The Company successfully completed 2008 drilling program with 9 wells drilled. At present, 4 wells have been completed and connected for production, one well (Waggamba-5H) completed for testing and one exploration well (Freneau-1) cased and
suspended for future completion and testing.
KEY POINTS IN THIS REPORT:
September 2008 Quarter delivers:
- Overall production increase of 7%
- Drilling success at Taylor-19 and Freneau-1
- Cash receipts of A$8.4 million for the Quarter
- An average oil price for the Quarter of US$123.40/bbl or A$154.82/bbl.
- Cash at the end of the Quarter of A$19.3 million.
Surat-Bowen Basin, QLD:
- Multi-well 2008 drilling program completed with 9 wells drilled
- Taylor-19 was completed as a gas/condensate producer
- Freneau-1 exploration well was cased and suspended for future completion and testing after encountering a total of 9.1m log interpreted net gas pay within
Permian sandstone reservoirs
Onshore Taranaki Basin, New Zealand:
- Successful bidder for PEP51151
Contact
Mosaic Oil:
Lan Nguyen
Managing Director
Tel: +61-2-9247-9324
Media:
Bill Kemmery
Fortbridge
Tel: +61-2-9331-0655
Mob: +61-400-122-449
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